RBC Second Canadian Bank to Raise Interest Rates this fall
Tuesday Nov 15th, 2016
This week the Royal Bank of Canada has annouced it will raise interest rates, making it more expensive for homebuyers to borrow.
The bank is raising its special offer for a five-year fixed rate mortgage to 2.94 per cent, an increase of 30 basis points.
The lender is also raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.
The company is also introducing new rates for homebuyers who opt for an amortization period longer than 25 years.
The special offer rates for three, four and five-year fixed rate mortgages are 10 basis points higher than for those with an amortization of 25 years or less.
The changes take effect this Thursday November 17, 2016.